The value of sterling has continued to rally since my last GMD (Wednesday). At yesterday’s close £1=$1.220 and £1=€1.106. Sterling has continued to gain strength today. Dollar weakness is likely a key driver of the recent strength, with US data released yesterday showing a record number of citizens claiming for unemployment support.
• The US government and senate have agreed a new stimulus package to try and reduce the impact of the coronavirus outbreak on the US economy. The $2 trillion dollar package which includes a raft of measures aimed at supporting the US economy still needs to go through congress but is viewed as a step in the right direction.